Wednesday, January 18, 2012

TECHOUTLOOK : Support for Nifty is at 4920 resistance at 5000.

Market Outlook: Indian markets are expected to open flat and trade in negative terrain on the back of mixed action seen on the Asian counter. Back to domestic space all eyes are on credit policy on January 24, a word on the street is the RBI will leave interest rates unchanged as it continues its hawk eye view on inflation.

Results Today : JSPL, Mindtree, NIIT, Bajaj Finserv, Bajaj Finance, Raymond, Tata Coffee, Agro Tech Foods, Infotech Enterprises, Manali Petro, Premier, Sudar Garment

Global Markets: The US markets ended higher but off their best levels as weakness in financials offset earlier optimism following a handful of better-than-expected global economic news and a successful Spanish debt auction. The S&P 500 rose 5 points to finish at 1,293.67, briefly hitting the psychologically-important 1,300 level earlier in the session. Asia trading mixed; Hang Seng up, Straits Times down

Global events to watch:

ü U.S. Producer price index for December.

ü U.S. industrial production for December

Global indices Update @ 8:

Dow Jones : 12482 (+60.01)

NASDAQ : 2728 (+17.41)

Nikkei 225 : 8481 (+14.77)

Hang Seng : 19609 (-17.95)

SGX CNX Nifty : 4964 (-08.00)

Gold (USD/t oz.) : 1647

Nymex Crude (F) : 101.17

INR / 1 USD : 51.06

TECHOUTLOOK : Support for Nifty is at 4920 resistance at 5000.

Call for the day:

Sell ICICI Bank SL 795 Target 760-750.

BUY Cairn India SL 325 Target 385-400 (Positional call)

Stocks in action for the day: Airlines in action, Cairn India, Kingfisher, Essar Oil.

FDI in aviation cleared: -Proposal for 49% FDI in aviation to be sent for cabinet approval Aviation Minister says -Met Pranab Mukherjee to discuss sector issues -Govt to give funds to Air India to pay pilots -GoM on Air India to meet next week -To move cabinet note on 49% FDI by carriers -Investment by foreign carriers will help local airlines -GoM to consider companies recommendations to allow direct ATF Imports

Cairn, ONGC's production ramp up at Rajasthan anytime now-No comments on FPO as department of divestment considering other options -Concerns on large under-recoveries -Expecting to get remunerative prices in excess of USD 55/barrel -At a discussion level stage with Conocophillips -ONGC final dividend to be decided in Q4

RINL may soon get rights to mine iron ore in Rajasthan: Rashtriya Ispat Nigam Ltd (RINL) is poised to obtain its first iron ore mining lease in Rajasthan for relatively low-grade magnetite and may form an equity-linked joint venture with Andhra Pradesh Mineral Development Corporation (APMDC) in February for a high-grade haematite reserve in Andhra Pradesh.

Mahindra Satyam has signed an agreement with Intertek, a US-based testing, inspection and certification services, to work smart grid-focused testing and engineering activities.

Tata Consultancy Services reported 23% year-on-year rise in second quarter consolidated net profit at Rs 2,887 crore, helped by continued demand for outsourcing services and said the deal pipeline remains strong. Revenue for October-December quarter jumped 37% from a year ago to Rs 13,204 crore,

RBI allows unlisted cos to hedge commodity price risk: Banks authorised to deal in foreign exchange can grant permission to unlisted companies to hedge price risk on import/export in respect of any commodity (except gold, silver, platinum) in the international commodity exchanges/markets, according to the Reserve Bank of India.

Housing finance company, DHFL has posted a net profit of Rs 75 crore for the quarter ended December 2011, up 21 per cent from Rs 62 crore in the corresponding year-ago period.

Losses on sale of diesel at government-controlled rates have hit a record Rs 14.57 a litre, sending state-owned oil companies scrambling for ways to cover mounting losses. Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum are losing Rs 435 crore/ day as they are made to sell diesel, domestic LPG and kerosene below cost to keep inflation under check.

Dishman Pharmaceuticals and Chemicals said its Switzerland-based subsidiary Carbogen Amcis has acquired Creapharm Parenterals for an undisclosed amount

Kingfisher Airlines Ltd the company has told its creditors that the company is likely to receive support in form of equity infusion by end-March, said two bankers familiar with the matter.

Reliance Infrastructure Ltd the company has decided to merge its five subsidiaries - Reliance Energy, Reliance Energy Generation, Reliance Goa and Samalkot Power, Reliance Infraventures and Reliance Property Developers - with itself while demerging the container business of Reliance Infrastructure Engineers.

NMDC Ltd India's largest iron ore producer and exporter confirmed acquisition of a 50 percent equity stake in Perth-based gold and base metals exploration company Legacy Iron Ore Ltd. for a consideration of A$18.89 million.

Lanco Infratech Ltd the company has missed its quarterly repayment of loan raised for its 1,200-mw imported coal power project at Udupi in Karnataka as the poor health of state distribution companies is taking a toll on power utilities.

Marico Ltd the FMCG firm said it is looking at acquisitions worth up to Rs 1,000 crore both in the domestic and overseas markets as part of its strategy to maintain a growth of 26-27 per cent in the coming years.

In a major blow to the Ruias-led Essar Oil, the Supreme Court rejected the company’s 125 per cent sales tax deferment benefit claim on its investment in the Vadinar refinery project. The company will now have to fork out at least Rs 6,300 crore in sales tax to the Gujarat government.

Maruti Suzuki India Ltd, the country’s top car maker, raised prices of all its models on Tuesday, sending its shares up as much as 11 per cent, as investors rallied behind the company after months of falling sales appeared to have levelled in December.

National Stock Exchange said it will exclude Deccan Chronicle Holdings and Everest Kanto Cylinder from its futures and options segment. The contracts won’t be available after the March series expires.

Oracle India to increase focus on Govt projects


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